9:39am: The Spurs are another team to keep an eye on in the Korver sweepstakes, tweets Stein. San Antonio should have at least the full mid-level exception available.

9:01am: Several teams are pitching offers to Korver that the Nets are unable to match, according to Marc Stein of ESPN.com, who hears that the Bucks proposed a three-year, $20MM deal (Twitterlinks).

7:53am: Despite an earlier report indicating that a Kyle Korver signing was essentially "in the bag" for the Nets, it doesn't appear he'll be heading to Brooklyn after all. ESPN.com's Chris Broussard (Twitterlinks) reports that the Nets, without enough money to offer Korver, are out of the running for the free agent sharpshooter.

It comes as no surprise that the Nets, who only have the $3.18MM mini mid-level exception available to offer outside free agents, wouldn't be able to compete with rival offers for Korver. When I examined the 32-year-old's free agent stock earlier in the year, I predicted that he'd at least match the three-year, $15MM contract that expired this summer. It appeared for a time that Korver would be willing to accept a discount to join the Nets, but it seems that's no longer the case.

Brooklyn has also been linked to Marco Belinelli, who provides a similar skillset to Korver and would be more likely to sign for the mini mid-level. Now that the Nets seem to be out of the running for Korver, perhaps the club will pursue Belinelli or another outside shooter more aggressively.